Bitcoin was trading around $39,000 Thursday morning, giving back some gains picked up Wednesday.
Bitcoin rose more than 8% to over $41,900 on a day that saw President Biden sign an executive order directing agencies within his administration to study whether the US central bank should create a digital currency.
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The cryptocurrency gained more than 10% over a two-day period.
That move helped bitcoin to a gain of 0.6% month-to-date, but it remained down more than 9% year-to-date.
News of Biden’s executive order boosted cryptocurrencies in general, including ether which added 1.5% over a 24-hour period.
BIDEN ADMINISTRATION TO STUDY WHETHER US SHOULD ISSUE A CRYPTOCURRENCY
The order directed relevant departments and agencies within the Biden administration to study the legal and economic ramifications of creating a cryptocurrency and established the “first-ever comprehensive digital assets strategy for the United States.”
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Under the executive order, the Treasury Department will partner with other agencies to produce a report on the future of money and payment systems, and will convene the Financial Stability Oversight Council to evaluate potential financial stability risks of digital assets.
In other crypto news, India Finance Minister Nirmala Sitharaman said she expected the nation’s central bank to launch a central bank digital currency (CBDC) or digital rupee “this year,” according to CoinDesk.
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That is an update from an earlier statement that it would launch some time between 2022 and 2023.
FOX Business’ Brooke Singman contributed to this report.